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in washington? >>> president obama presses the case for tax hikes on the rich, and the tax cut extension for the middle class, now. >> if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. >> but republicans aren't budging, accusing the president of avoiding tough choices on spending and wasting time in the effort to avoid the fiscal cliff. >> it's not a serious proposal. and so right now, we're almost nowhere. >> will there be a deal by the end of the year? and what are the consequences for the economy if there isn't one? we'll ask the president's lead budget negotiator, treasury secretary tim geithner. >>> then the view from capitol hill. are democrats as divided over cutting medicare as republicans are over tax increases? with us, two voices calling for compromise. republican senator bob corker of tennessee and democratic senator claire mccaskill of missouri. >>> finally, our special economic roundtable. as both sides battle over the nation's fiscal health, what can we expect from the economy in a second obama term? w
know where both sides are on taxes. i think we understand that. but to the speaker's point, we have not had any discussion and any specifics with this president about the real problem, which is spending. we have got to do something about the spending. and obsessions to raise taxes is not going to solve the problem. what will solve the problem is, doing something about the entitlements, taking on the wasteful spending in washington. we can't just keep borrowing money and raising taxes and expecting the problem to go away. that is our point to the president. and as the speaker said, we want to sit down with the president and want to talk specifics. we put an offer on the table now. he has out of hand reject that had. where are the specifics and where are the discussions? nothing is going on. the people of this country are suffering. we ask the president, sit down with us and be serious about the specifics in the spending so we can stop the wasteful spending in washington and finally address the problem. >> as we continue to try to solve the fiscal cliff, the thing we have continued to
will happen on the tax treatment of that stuff. i long it for long-term fort foalos. david asbin is coming up on forbes on fox. you are watching all things news. you are watching fox and dave and now. well, liberal are fanning in america today pushing the president's agenda for tax increases with few if any spectaculars about spending cuts. many of these are specific about what they don't want cut and don't touch entitlement spending echoed by democraticic lawmake. >> i think social security should be taken off from the table. >> moment yoize social security or voucherize medicare or block grant medicaid you lose us. >> but the new forbes report showing that moreeople in the states are taking money from the government than the private sector, can our nation afford a deal that doesn't put so-called entitlements on the table. i am dave. we'll go t mike, to you. we have to put entitlements on the table? >> for the sake of the over all economy we must put enments on the table. over the last four years entitlement spending is growing faster than the over all economy. this is why president obama ha
obama. i really liked mitt romney. why do i have to pay less taxes than my friend from massachusetts? that really bugged me. host: that is stephen from connecticut. tyrone is a republican from the bronx. caller: i think hillary clinton would be an excellent candidate in 2016. i think she handled the middle eastern issue to the best of her ability. also, as far as the gop is concerned, i think she has made strides toward eliminating the tax spending through various commitments with private entities and organizations that are coming out of the woodwork. i was watching earlier today and what they were requesting from the white house was let's fix this problem by incorporating a small businesses and less government intervention to curb the deficit. it has been astronomical. then i heard barack obama say the way we are going to do it is by making more cuts in various ways. he was saying by making more cuts and the only people it is going to hurt is the working class and somewhat of the middle-class. he should mention the fact that out of control spending has a lot to do with the credit ca
will be cut by january 1 in order to avoid sequestration and all the tax hikes? mark, i will start with you. >> i think it is 80% that we will avoid sequestration. the question is, though, is this going to be a big enough deal, and will actually be enough of a down payment that it will lead to something else subsequently that will actually avoid the kind of enormous consequences of $16 trillion of debt? that percentage will be lower than the 80%. >> let's come back to the big picture -- in the short term, by january 1 -- will we avoid the cliff? >> i think it is likely that we avoid it. it does not appear that that is going so well. it is so easy for us just to do the things we need to do. i think the real line in the sand is going to be the debt ceiling. i really do think -- i have said that for a long time. i think that is when, hopefully, by that time anyway we will have real entitlement reform, which will bring all of this together. >> chris? >> i think it is better than 50% that we are able to get an agreement before january 1. but that is premised on a belief that our republican colle
tomorrow. >> brenda: just as the unemployment rate is dropping, is capitol hill signaling tax heights are coming? add up the signs. a key conservative leaving the senate for the private sector as republicans reportedly cook up a doomsday plan that would give the president the tax hikes he wants. so if taxes go up, will jobs go down? hi, everyone, i'm brenda buttner, this is bulls and bears, let's get right to it. here they are, the bulls and bears this week. we've got gary b smith, tobin smith. and julian epstein, welcome to everybody. todd, if taxes go up, get ready for that unemployment rate to shoots up, too. >> you've got that right. brenda, not only going to go higher, we're looking at hundreds of thousands of jobs eliminated because of higher taxes. you can't, you can't simply look at small business owners small business comprise of two-thirds of all jobs created in the country in the last ten years, if you're going to raise that personal income tax, that's going to hit the small business owners they won't have enough to go out and hire and we all have to be prepared because the
again it solely is because it doesn't raise tax rates on the rich. when is obama going to rise above that obsession? when will he lose that over rich people and tax rates? i don't know. tonight, i'm is going to try to call his bluff. anyway, also breaking tonight, potential catastrophe if syria uses its chemical weapons. president obama issues a stern warning to syria and i quote the world is watching. and there will be consequences if syria uses these wmds. have we just committed ourselves to another war? and the gun control debate is squarely back in the spotlight tonight after the murder/suicide by nfl player in kansas city, second amendment instead of blaming the sick people who use them. republicans have responded to a fiscal cliff counter offer to president obama. eamon javers joins us now from washington with all the details. good evening. >> reporter: good evening. leapt me walk you through the specifics or at least what specifics we have so far from this boehner counter offer and you can see where it falls short from the white house's perspective right in the top line take a
of january's big tax hikes, companies and investors are cashing out, including one of president obama's biggest supporters. plus as susan rice makes the rounds on capitol hill, we will look at what could make up the national security team in president obama's second term. >> i am ready and willing and able and excited to go ahead and get this issue resolved in a bipartisan fashion so american families, american businesses have some certainty going into next year. >> i'm disappointed in where we are and disappointed in what's happened over the last couple of weeks. going over the fiscal cliff is serious business and i'm here seriously trying to resolve it, and i would hope the white house would get serious, as well. >> welcome to the journal editorial report. i'm paul. not exactly a meeting of the minds this week between president obama and house speaker john boehner on just where talks to end the fiscal showdown stand. the president, for his part, took his case to the public and repeated his call for a tax hike on upper income americans but made little mention of cuts to entitlement s
, for an obama bailout. so, who is next? california, illinois, good question. raise tax rates on the rich or no deal. yeah, the line has been drawn again. president obama says america is poised to take off, but only if the republicans agree to tax the rich directly. he will only accept higher tax rates. how will speaker boehner respond to that? he speaks within the hour. and how about this, top anchors at a news network visit the white house for a cozy chat with the president. tell us, mr. president, how can we sell your tax the rich policy? citigroup, 11,000 jobs gone. "varney & company" about to begin. having you shipy gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ me announcer ] break from e holiday stress fedex office. >> we'll begin with sad news. dame elizabeth mother of news corporation chairman and chief executive rupert murdoch died at age 103. news point company fox. now sad news. and he's raised tax rates and he was elected based on his tax the rich pol
with both tax and in seven of reform while. he says the days available before the close should be devoted to raising taxes on the ridge. >> we're not going to be able to come up with a comprehensive tax reform package that gets it all done just an next two weeks. ww are not going to be able to come up with necessarily a comprehensive and thailand reform package that could sell the next two weeks. when you looked at what arnold reagan did back in 1986, working with bill bradley and others, that was a year-and-a-half process. among let's put a downpaymmnt on taxes, let's let tax breaks and the upper-income folks go up. lou: president obama is looking to hide even more taxes. to find more taxable victims beyond the so-called rich. but there are yet more conditions as white house press secretary jay carney today reminded us. the president demands any deal is dependent upon a hike in the nation's debt ceiling. carney says the debt ceiling is another issue the president simply cannot bring himself to negotiate with those lowly republicans on the hill. and today began a new campaign of blame for
. people know that, you know, 98% of americans could have their tax rates stable and not have their taxes go up. and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal with the deficit. and you do
taxes and entitlement cuts point toward a deal by christmas. what is standing in the way? this morning, the debate is ight here. the house speaker's top lieutenant, congressman kevin mccarthy, and top white house ally, the assistant senate majority leader, dick durbin. mccarthy and durbin square off. >>> then, what is the political endgame for both republicans and democrats? who wins and who loses as this fight drags on? >>> plus, the future of the republican party is a hot topic as both sides start plotting the 2016 campaign. our political roundtable features two former capitol hill insiders, newt gingrich and lawrence o'donnell. plus, three journalists on the story. >>> the looming fiscal cliff 22 days away. we'll go inside the negotiations with two top leaders in just a moment, but i want to start with the ongoing crisis in syria where the assad government is cracking down on its own people. and this week something significant happened. the president signalled a big potential shift in u.s. involvement there. >> i want to make it absolutely clear to assad and those under his command,
rate and raises $800 billion in new tax revenue by reforming the tax cut and closing loopholes. the plan rejects specifically raising tax rates, but it is significant that john boehner has gotten his entire leadership team, including congressman eric cantor, kevin mccarthy and even former vice presidential nominee and budget hawk paul ryan to publicly sign their names to a plan that through closing loopholes raises taxes. in an effort to give this offer more bipartisan credibility, speaker boehner said the plan is based on a proposal by former clinton chief of staff erskine bowles. bowles said he was flattered by the use of his name but satsz the proposal, quote -- so far, this greek fiscal drama has yet failed to return. the larger question for america, the play ends in tragedy on december 31st. joining me now from washington, is the president for -- president of americans for tax reform, conservative counter broker and the man who does not believe in unicorns, pink or otherwise, mr. grover norquist. grover, what a day to have you on the show. thanks for joining us. >> absolut
squarely at john boehner. $800 billion tax hike will destroy jobs, allow washington to spend more. as you all know, john boehner put an $800 billion tax hike as a center of his proposal. so john boehner got rejected from the white house, which wants another $800 billion on top of that in tax hikes and then rejected by the right wing of his own party which wants absolutely no tax hikes at all. so unlike harry reid, i actually feel genuine sympathy for john boehner. so kudos, speaker, for showing deserters or desenters who is boss. boehner stripped house members who opposed key committee assignments today. and earlier i spoke with one republican leader in the house who himself has been out of step with boehner in recent days. deputy whip congressman tom cole of oklahoma. he said the gop should agree to obama's proposal to extend bush tax rates for households that make less than $250,000. and they should do that deal right now, deal with the rest later. boehner said no way. and then tom cole said boehner should not offer a counterproposal to the fiscal cliff deal the president presented. boe
, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to deduct mortgage interest and not the interest they pay on their credit cards. some of these things are hard to explain. host: does it incentivize home buying? guest: it does provide some if incentive for buying a home and is a large tax break and gives them an enormous benefits. it mostly provides an incentive for buying a bigger house. it seems to incentivize mcmansions. there is a fair question of whether that is something we should be spending that much money on. host: let's go to ohio, robert is a democrat. caller: yes, my question is this. a question/comment. i have seen all these outbreaks been giving out. supposedly they were created for an incentive for them to hire more people. they were given as four years and years. a majority
. ♪ >> chris: the president is demanding higher tax rates. congressional republicans want deeper spending would you tell us and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we'll ask the two men at the center of the negotiations, where we really stand. for the president, treasury secretary timothy geithner, for the g.o.p., house speaker john boehner. geithner and boehner, only, on fox news sunday. >>> plus we have seen this movie before. the two parties edging closer and closer to the brink. we'll ask our sunday panel whether we'll get a happy ending for an economic disaster. >>> and our power player of the week, a young beauty queen has to make a tough choice, all, right now on fox news sunday. ♪ >> chris: and, hello again from fox news in washington. well, we had quite a day around here, friday. with talks to avoid the fiscal cliff deadlock and everyone saying, the other side is to blame, treasury secretary geithner scheduled a round of interviews, then, friday afternoon, speaker boehner's office called to say he want
's demand for higher taxes for the rich. that's good. he agreed in principle the rich must pay more. number three, there's talk for the republican leaders that they could vote to continue the tax cuts for the 98% now and therefore avoid the fiscal cliff and put off for now the top 2%. and the question then, let the debt ceiling not take effect. a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes
's big tax hikes, companies and investors are cashing out. including one of president obama's biggest supporters. plus, as susan rice makes the rounds on capitol hill, we'll look at who could make up the national security team in president obama's second term. ♪ >> i am ready and able and willing and excited to go ahead and get this issue resolved in a bipartisan fashion so that american families, american businesses, have some certainty going into next year. >> i'm disappointed in where we are and i'm disappointed in what's happened over the last couple of weeks. the fiscal cliff is a serious business and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> welcome tt colonel, editorial report, i'm paul gigot, not a meeting of the minds between president obama and house speaker john boehner where talks to end the fiscal showdown ends. the president for his park took his place for the public and called for america and little cuts to entitlement spending something the speaker says must be part of any final deal. wall street journal c
percents of americans to pay more in tax after having 12 years of a special tax break, which was only supposed to be temporary. if you say yes vote for me. mitt romney says, no, we are going to caudle, protect that top 2%. we are not going to raise their taxes. so if you say no, vote for me. that was a choice. the american people overwhelmingly, overwhelmingly, margin of 5 million, voted for president obama. john boehner is acting as if we never had an election in the first place and the election doesn't mean anything. is the senator has passed a tax break and john boehner is saying no, we will let 98% of americans pay $2,000 more in taxes. we will give a tax increase. we will raise taxes on 98% of americans unless you give us another tax break for our buddies and millionaires and billionaires, the top 2% in the country. you can't blame even mitch mcconnell any more. it's john boehner who is standing in the way. he did so again the republicans give this babble. the president says what's your plan? what do you want to cut? close loopholes. what loo
struggles with crisis our official representative may be a celebrity bungler. new taxes announcing, these are taxes no matter how the fiscal cliff works out. and larry ellison knows it and pays to avoid a dividend tax. gets 200 million dollars. i'm still shaking my head. ambassador anna wintour? "varney & company" is about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke hgoes with people he trusts, which ishy he trades with a company that doesn't nickel and dime im with hidden fs. he caworry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. i heard you guys can sp ground for ss than the ups store. that's right. i've learned the only way to get a holiday deal is to camput. you know we've be open all night. is this a trick to t my st? male announcer break frothe holiday stss. save on ground shipping at fedex office. >> ambassador anna wintour, it's got
at the top, the 2%, are safe. your bush tax cuts are going to keep on giving. one problem, mr. boehner, you lost. that was your position before the election, and you lost. mitt romney campaigned on keeping the tax cuts for the wealthy, and he lost. and he promised to do what john boehner is doing right now, and he lost. how about some respect for the electorate? how about seeing what the 2012 presidential debate was about? obama championed tax fairness and won. republicans championed protecting that 2%, ignoring the 47% he talked about, and they lost. today boehner said he's willing to raise revenues by the same amount he agreed to back in august of 2011, the last time they had this fight. again, he's willing to act like the election never happened. no wonder. again, he lost. joining me is joy reid of the grio and howard fineman of the "huffington post." joy, you're chuckling because it is weirdly true. it's almost like groundhog day, this guy, boehner, he's not a bad guy, but he's operating on a bad thought here. the election didn't happen. >> it's incredible. it's amazing watching john bo
of dollars, but sharpton is in favor of raising taxes on the so-called wealthy maybe because he knows he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary of hillary clinton flew to dublin to hold a meeting with her russian counter part and u.n. enjoy to syria meeting to discuss how they would end the now 21-month long conflict in syria and how to move assad from power. and there's no sign they had to reverse the support, and today, a senior lawmaker says the syria government is now incapable of functioning properly. just before the meeting with the russian foreign minister, secretary clinton insisted that the united states and russia share
a factory in china and sell cars. they can delay paying u.s. taxes on that indefinitely. but the money comes from the rent, as so-called passive income, they have to pay taxes on that immediately. this provision says if your a bank -- you can be late paying your taxes. it is going to be considered active income. it is quite valuable to them. it is kind of a gray area. in 1986 when they did big tax reform, they said that is active income and we should tax that money. host: we have been talking with sam goldfarb from cq roll call. thank you very much. >> explores the history and literary culture of all money -- of albany. tonight on c-span, a senate debate on the fiscal cliff. shaun donovan discusses it. harry reid and mitch mcconnell when back-and-forth on fiscal cliff issues and a proposal to raise the debt ceiling. here is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats in congress are acting in good faith in these negotiations. with just a few weeks ago before a potentially
ultimatum on higher taxes as a republican decision rather than his own declaration. his staff organized a sit-down wi a middle class family today in virginia claiming congress is to blame p they fail to yield to his ultimatum. why is the mainstream liberal media ignoring the reality it's the president's ultimatum driving us to the fiscal cliff? chris and senior writer for the weekly standard, steven hayes the guests here tonight. we begin with the dictator trying to maintain command of the country using chemical weapons as a deterrent. fox news chief washington correspondent james rosen has the latest for us in this report. >> a regime helicopter captured in the skies in syria in a video unloads something, most likely, a defensive flair to detour antirebel runners, but that epitomizes the fear of which the serian people now live. rebel forces taking the flight to the assad regime inside the capital with a deadly explosion in the arab red crescent building outside the city. >> it's very clear the regime forces are being grounded down and that they are losing. >> in seeking to squash the
a month, nearly $400 billion in tax increases will combine with sequestration, more than $100 billion in mandatory across-the-board spending cuts over one year, to drag our nation over the so-called fiscal cliff. what those tax increases mean to an average american family of four earning $50,000 a year is over $2,000 in higher income taxes. add to that expiration of the alternative minimum tax patch, new taxes mandated by the federal health care bill, and the reinstatement of the death tax, which will impact the next generation of farmers, ranchers, and small business owners, which americans will see the largest tax increase in the history of our country. if all of this happens, the congressional budget office predicts the nation's economy will shrink next year and the unemployment rate could rise again. in other words, we go back into recession. i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue
, middle class income, taxes, you name it, and you and your fellow house members are not going to work. >> well, wait, this is a 24-hour day job, seven days a week. i'm in new york tomorrow looking at the hospitals affected in hurricane sandy, and i feel like i need to do the ground work to investigate that for myself. gerri: you're doing work, but not all the people you work with in washington are. some are just taking time off before the holidays when this big issue is on the plate. nancy pelosi had to say about this. >> we should be here and came as a surprise, and i'm really surprised that the republicans would leave. we maim in tuesday, and we left wednesday at twelve o'clock noon. with all that needs to be done, avoiding the conversation, sounds like people don't want to be in town for some reason. gerri: does she have a right -- are the republicans trying to avoid the conversation? >> no, absolutely not. we had a hearing this morning in the joint economic committee on this issue, but, you know, it's difficult. it's a one-sided conversation. we have put proposals out in may. ther
end up in situations where they can't cover their insurance and their taxes and too often we lead to a situation where they have more leverage, more debt, than their home is worth by the time they're ready to sell that home. >> so you're saying because of that change, that's what resulted in the huge $2.9 billion. >> that is for many of these -- for most of the new loans that we're making, they're at this full draw and they -- the actuary predicts they're going to be enormous losses on those going forward because of this full draw feature. >> ok. and also, the last time you testified before the committee, we discussed the national mortgage settlement. can you talk briefly about the m.m.i. fund, how it's benefited from the settlement? >> in the most direct way it's benefited by well over $1 billion that came directly to the fund from that settlement. or that series of settlements. also important, though, is we put in place not just for fmplet h.a. loans but for -- f.h.a. loans but for every kind of loan that were serviced by the banks that were part of it, new standards for how the
. and congressman hen sarlg. he said that for there to be a big deal, tax rates on the wealthy are going to have to go up. >> again, as the speaker has said, unfortunately what we see out of the president my highway or the high wway. one dollar revenue for 2.5 of spending reductions. now, after the election, it's a little bit of bait and switch. now he's asking for $1.6 trillion. for every one dollar of tax increase there's about 20 cents of spending reduction. >> i'm talking about the rates. if the rates go up, can the republicans accept that? >> no rep wants to vote for a rate tax increase. what that's going to do, is cause 700,000 americans to go from having paychecks to unemployment checks because of what that's going to do to the economy, hardworking americans are going to see a 2% reduction in their paycheck if they keep them. listen, the president, again, if he would do what he said before the election, what the republicans feel like is a little bit like charlie brown running to kick the football and lucy pulls it away. ultimate lit's a spending problem. the american people know it. this
my lips. no new taxes. >> read my lips, no new taxes. george h.w. bush hammered that mantra to win the white house in 1988. but just two years later, the reagan deficits were skyrocketing and president bush was forced to change his most famous line. >> long and bitter battle over the budget officially ended last night. president bush put his signature on the deficit reduction package, including $140 billion in tax increases. >> tax increases. that was a turning point for the modern republican party. the right wing went crazy. and george bush lost re-election. since then the party's been committed to never compromising on the tax issue, no matter the deficit. no congressional republican has voted for an increase in taxes since 1990. think about it. for nearly a quarter of a century, no new income taxes. in the current congress, 236 house republicans vowed never to raise taxes. 40 gop senators also kept that pledge. even president george w. bush, the man who got us into two wars we didn't pay for. the president who exploded our deficit. he insisted the solution to our problems were m
spending cuts and tax increases? we'll talk with two senators on the front lines of the debate. democrat charles schumer, and republican, bob corker. then, the u.s. draws a red line. telling syrian president aassad not to use chemical weapons in the country's civil war. we'll discuss the intelligence and the possible fallout with israel's ambassador to the u.s., michael oren, a fox news sunday exclusive, plus the supreme court agrees to take up same sex marriage. we'll ask our sunday panel what the court is likely to decide, whether gays have a constitutional right to marriage. >>> and, a final farewell to my best friend, winston. all, right now, on fox news sunday. ♪ >> chris: and hello, again from fox news in washington. well, it is beginning to feel like ground hog day, in the talks to avoid the fiscal cliff. both sides dug in, no agreement in sight. and, we're now just 23 days from the brink. joining us to break down where things stand, are two leading senators. democrat charles schumer, of new york. and, republican bob corker, of tennessee. gentlemen, house speaker boehner said on
than me. >> obsession to raise taxes is not going to solve the problem. >> the right seems to be imploding. >> i'm proud of the campaign mitt romney and i ran. >> he looked less like monty hall and more like monty burns because he wants to inflict pain on the republican. >> the implosion is going to happen very, very slowly, day, by day, by day. >> i'm proud of our party. and i'm proud of mitt romney. >> it seems right here. >> we've seen some movement over the last several days amongst some republicans. >> we can probably solve this in about a week. it's not that tough. >> the next 72 hours are critical. >> today's wednesday and the house is going to leave today. ♪ surrender surrender but don't give yourself away away ♪ >> in case you needed reminding, it's 21 days to christmas, but just 27 days to the fiscal cliff. the president is john boehner are facing off for what couldçe a down to the wire nail-biter of a fiscal fight. indeed, the stakes are so high, the pressure so intense, that the house is calling it quits for the week. giving themselves another much deserve
tax cut to avoid the cliff for now. then come back with more leverage. to tie it to a hike in the debt ceiling. >> we are 23409 going play that game next year. if congress in any way suggests that they are going to tie negotiations to debt ceiling votes, take us to brink of default again, i will not play that game. >> republicans held their own meeting with small business owners denying they're trying to punt. >> i'll be here and available at any moment to sit down with the president to get serious abouting the problem. >> they noted the president has not scheduled any meetings with the g.o.p. leaders in weeks. not offered any counterproposal to boehner's plan from last week. >> a balanced approach the president has been asking for. now we need response from the white house. >> reporter: they continue to insist the impediment to the deal is boehner's tax revenue is not enough. the holdup is boehner took a position the day after the campaign that said we are willing to bring in revenue but not increase rates. >> reporter: two summers ago the president himself claimed he could raise more
asking the wealthiest to pay slightly higher tax rates. we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though
agreement that raise tax on the middle class in order to protect more unnecessary giveaways, the top 2% s. doomed from the start. it won't pass. democrats won't agree to it. president obama wouldn't sign such a bill and the american people won't support it. >> you don't get people together until they finally sit down at the table and negotiate. it's still too much posturing, still too much the president wants his way, somebody else wants it that way. >> the gop's opening bid includes $2.2 trillion in tax reform, entitlement reform. but here's the problem, it includes no tax hike for the top 2% that republicans must have and something that the president repeated on the campaign trail. >> the obstacle here continues to be republicans who hold out hope that we can somehow go through this process and still deliver tax cuts to millionaire and billionaires. and that's just not going to happen. >> with just 28 days to go, who will make the next move in this fiscal faceoff? >> john boehner's counteroffer was pathetic. even the tea party members are saying that it was pathetic. this republican par
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